Oil End of Day Summary: Crude Holds Onto Gains

Front month WTI crude is trading higher but has slightly pulled back from an intra-day high of $82.48/bbl earlier in the session. Crude markets were supported today by increased chances that the US will reinstate sanctions on Venezuela, little hope for a ceasefire in Israel in the short term and Russia ordering oil companies to reduce oil output in Q2. Earlier upside was driven by a lower USD spot index and Ukrainian attacks on Russian energy infrastructure.

• Brent MAY 24 up 1.5% at 86.68$/bbl
• WTI MAY 24 up 1.6% at 81.91$/bbl
• Bloomberg reporting that Venezuela opposition figure, Corina Yoris, has been prevented from registering as an opposition candidate to challenge Venezuelan President Nicholas Maduro in the July 28 presidential elections.
• Russian oil companies have been ordered to reduce output in Q2 to ensure they meet a production target of 9 mn bpd by the end of June in line with its pledges to OPEC+ according to three Reuters sources on Monday.
• Ukrainian drones attacked two oil refineries in Russia’s Samara Region on Saturday morning according to Governor Dmitry Azarov.
• Israel’s PM Cancels Delegation's DC Visit After US Abstains On UN Gaza Resolution: The UN Security Council has adopted a resolution calling for an 'immediate' ceasefire in Gaza during the holy month of Ramadan, with 14 votes in favour and an abstention from the United States.
• Brent prices could test $90/bbl over the next weeks, Citigroup said in a note, cited by OPIS.
• Ineos restarted the 110kbpd CDU at the Grangemouth refinery on 24 March after shutting on 16 February according to WoodMac.
• BP restarted the 83kbpd VDU at the Rotterdam refinery on 23 March, after shutting on 1 March, ahead of planned works scheduled for early April according to WoodMac.